$4,033,333
$4,200,000
4.0%For more information regarding the value of a property, please contact us for a free consultation.
2508 Naples Ave Venice, CA 90291
18 Beds
18 Baths
9,268 SqFt
Key Details
Sold Price $4,033,333
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 9,268 sqft
Price per Sqft $435
MLS Listing ID 23-317053
Sold Date 12/08/23
Bedrooms 18
Year Built 1949
Lot Size 0.266 Acres
Acres 0.2664
Property Description
Only $233K per door for prime Venice! We are pleased to present for sale a generational multi-family portfolio on the famed Westside of world-renowned Los Angeles. The 58 apartment units are spread across two properties that have been owned by the same family for six decades. The properties may be purchased individually or collectively. The smaller of the assets comprises 18 units in a single U-shaped structure at 2508 Naples Avenue in Venice, CA. The property was built in 1949 and is located in the commercial heart of Venice within the economic powerhouse of Silicon Beach. Situated southwest of the intersection of Lincoln and Venice Boulevards nestled among multimillion dollar single-family homes, 2508 Naples is at the crossroads connecting the famous beachside community to its Westside neighbors. Naples exudes charm from the inviting courtyard and old-world second-floor catwalk to the well-laid out interior floorplans. There is on-site parking for 11 cars with a newly refurbished laundromat directly next door along Venice Boulevard. The property has a newer roof as well as new electrical subpanels and main breakers. The neighborhood of Venice is a perennial favorite among both locals and out-of-town transplants. From an investment standpoint, the portfolio offers significant opportunity. Current rents at Naples average $2.73 per square foot while prevailing market rents for renovated units are in the range of $4.47 per square foot. This means a comprehensive rehabilitation and renovation plan would yield the savvy investor enormous income gains.
Location
State CA
County Los Angeles
Area Venice
Zoning LAC2
Rooms
Other Rooms None
Interior
Heating Wall
Cooling Wall/Window
Equipment Other
Exterior
Garage Other
Garage Spaces 11.0
Building
Story 2
Level or Stories Two
Others
Special Listing Condition Standard
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Bought with REMAX COMMERCIAL & INVESTMENT REALTY
GUIDE SoCal
Broker | License ID: DRE#01976964